2011 Outlook

Scotia Capital: Strong Trading Revenues 910 Revenues (TEB) ($ millions) 724 697 443 385 387 467 310 339 Q4/09 Q3/10 Q4/10 Year-over-Year ■ Global Capital Markets - Lower fixed income and institutional equity revenues + Precious metals revenues ■ Global Corporate & Investment Banking Significantly lower loan volumes Quarter-over-Quarter ■ Global Capital Markets - Lower institutional equity revenues + Higher energy revenues ■ Global Corporate & Investment Banking + Higher M&A revenue - Loan volume declines in all geographies Global Capital Markets Global Corporate & Investment Banking Scotiabank Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-08 Avg. 2009 2010F 2011F Mexico 2.8 (6.5) 4.8 3.5 Peru 5.6 0.9 7.0 5.4 Chile 4.3 (1.5) 4.8 5.8 Jamaica 1.4 (3.0) (0.5) 1.5 Trinidad & Tobago 7.5 (3.5) 2.0 2.5 Costa Rica 4.5 (1.3) 3.5 3.0 Dominican Republic 5.4 3.5 4.5 4.0 Thailand 4.6 (2.3) 6.5 4.5 2000-08 Avg. 2009 2010F 2011F Canada 2.6 (2.5) 3.0 2.3 U.S. 2.3 (2.6) 2.7 2.1 Source: Scotia Economics, as of November 4, 2010 Scotiabank 37 38

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